Economy News
The Daily Signal reports on economy news with analysis and commentary on growth, recession risks, employment, and financial trends.
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opinion
Media’s Coverage of Debt Limit Fight Is Intolerably Dishonest
President Joe Biden, writes Politico’s White House Bureau Chief Jonathan Lemire, “has prioritized deal-making throughout the debt ceiling talks. But with GOP obstinate, Biden is changing tactics.” What in the hell is he talking about, you may wonder. Only last month, Lemire’s publication reported that Biden was “happy to meet” with House Speaker Kevin McCarthy,… -
news
Group of House Lawmakers Urges McCarthy to Take ‘3 Specific Actions’ in Debt Ceiling Negotiations
Thirty-five Republican House lawmakers sent a letter on Thursday to House Speaker Kevin McCarthy, R-Calif., urging three specific actions regarding the debt ceiling as a deal has yet to be reached. “As a result of your skilled leadership since your consequential election in January, Congressional Republicans have not been so united in decades,” the lawmakers… -
news
‘I Don’t Know,’ McCarthy Says About Timing of Debt Ceiling Deal
House Speaker Kevin McCarthy says he isn’t certain a deal on the nation’s debt ceiling will be made Thursday as negotiations between Republican and Democrat lawmakers continue. “I don’t know if we’ll have a deal today,” McCarthy, R-Calif., said when asked during an appearance on Fox News Channel about the progress of talks with President… -
opinion
Memo to Debt Limit Negotiators: Here Are 5 Wasteful Budget Items Ripe for Cutting
As negotiations over the debt limit continue to dominate headlines in Washington, the central focus of the back-and-forth between Democratic President Joe Biden and House Speaker Kevin McCarthy, R-Calif., is over the appropriations spending level for fiscal year 2024. House Republicans passed the Limit, Save, Grow Act, which would reduce discretionary spending for fiscal year… -
news
Debt Ceiling Negotiations ‘Still Far Apart,’ McCarthy Says
House Speaker Kevin McCarthy, R-Calif., says that “there’s a number of places that we’re still far apart” on the debt ceiling as negotiations continue in the nation’s capital. “I mean, it didn’t seem like it’d be this hard. I remember even talking to the incoming Democratic leader before I was even speaker about ways that… -
opinion
Rebutting 7 False Claims in Debt Limit Fight
Following a number of rounds of discussions between House Republican officials and the Biden administration, the two sides still haven’t reached an agreement on increasing the federal debt limit. House Speaker Kevin McCarthy, R-Calif., described a Monday evening conversation at the White House, however, as “productive.” An important factor surrounding the issue is McCarthy’s negotiating… -
news
‘It Is Possible to Get Deal by End of Week,’ McCarthy Says of Debt Limit Talks
President Joe Biden and Vice President Kamala Harris met with congressional leaders at the White House on Tuesday to discuss raising the debt ceiling as the U.S. inches closer to a potential default on the national debt in the coming weeks. “It is possible to get a deal by the end of the week. It’s… -
opinion
Democrats’ Debt Ceiling Position Makes Zero Sense
“If you buy a car,” White House press secretary Karine Jean-Pierre explained the other day, “you are expected to pay the monthly payment. … It’s that simple.” Is it? Now, obviously, those who argue that the president can cancel millions of student loans by decree aren’t in a position to offer lessons on personal responsibility…. -
news
April Inflation Report Bodes Ill for American Families, Economist Says
An economist says "families' incomes are not keeping up with inflation" after the latest consumer price index showed inflation rose 0.4% in April, up 4.9% compared with April 2022, the U.S. Bureau of Labor Statistics reported Wednesday. "Wednesday's data show inflation is still firmly entrenched in the economy, and that will continue until we rein in government's… -
news
‘Nothing Has Changed’ Since Feb. 1 Meeting, McCarthy Says on Debt Ceiling
President Joe Biden met with Republican and Democrat leaders Tuesday to discuss the debt ceiling as the U.S. could “run out of cash” in less than a month. Biden met with House Speaker Kevin McCarthy, R-Calif.; Senate Minority Leader Mitch McConnell, R-Ky.; Senate Majority Leader Chuck Schumer, D-N.Y.; and House Minority Leader Hakeem Jeffries, D-N.Y.,… -
news
Economist Estimates Exact Date US ‘Will Run Out of Cash’ Amid Debt Ceiling Debate
The U.S. “will run out of cash to pay all the government’s bills on time” on June 8, according to Mark Zandi, chief economist at Moody’s Analytics. “First, by my calculation, the ‘x’ date, the day in which the Treasury will run out of cash to pay all the government’s bills on time, will be June the 8th,” Zandi said… -
opinion
Are Labor Markets Really Improving? Pulling Back Curtain on ‘Magic of Government Statistics’
As America enters the thick of this year’s second quarter, the repercussions of the Biden administration’s economic policies become more apparent. New numbers from the government’s Job Openings and Labor Turnover Survey, released Tuesday, revealed that the number of job openings dropped to the lowest level since May 2021. The drop in job openings from… -
opinion
House Republicans ‘Did What They Had to Do’ on Debt Ceiling, CEO Says
The U.S. may “potentially” default on its debt “as early as June 1, if Congress does not raise or suspend the debt limit before that time,” Treasury Secretary Janet Yellen said in a letter Monday to House Speaker Kevin McCarthy, R-Calif. Alfredo Ortiz, president and chief executive officer of the nonpartisan Job Creators Network, says… -
opinion
Iowa Taxpayers Shouldn’t Be at Mercy of Woke Investment Managers
Iowans have an opportunity to make asset managers decide whether they will operate to further the financial interests of Iowa residents or weaponize their duties to further a political agenda. Proposed state legislation known as Senate File 507 would protect free enterprise and Iowa’s taxpayers by codifying two commonsense principles: Taxpayer dollars—specifically public pension funds—should… -
opinion
Here Are Winners, Losers If House’s Debt Ceiling Plan Becomes Law
The House of Representatives passed the Limit, Save, Grow Act on Wednesday, marking a significant victory for House Speaker Kevin McCarthy, R-Calif. McCarthy managed to corral just enough votes to secure a slim 217-215 majority in favor of the deficit-reducing bill. The Congressional Budget Office estimated Monday that the legislation would reduce the budget deficit… -
opinion
Virginia Governor Elevates State’s Economic Partnership With Taiwan
“Together, we will continue to build a deep and lasting partnership.” That was the unmistakable, powerful message Virginia Gov. Glenn Youngkin conveyed Monday to President Tsai Ing-wen of Taiwan and the people of the Asian island nation. In his first official overseas trade mission for the commonwealth of Virginia, Youngkin made a notable visit… -
opinion
Democrats Refuse to Deal as House Republicans Deliver a Pro-Growth Bill to Reduce Spending
House Speaker Kevin McCarthy, R-Calif., released text April 19 of legislation dubbed the Limit, Save, Grow Act. The bill, a focus of internal negotiations among House Republicans, would provide an increase in the federal debt ceiling lasting into next spring in exchange for a package of reforms aimed at lowering future deficits and boosting economic… -
opinion
Why Work Requirements Are Less About Welfare Savings Than About Human Well-Being
Most Americans think that work in exchange for government benefits is common sense. For safety-net benefits, work-capable beneficiaries should begin to work, look for work, or participate in education and training at least part time. That’s a reasonable ask and essential to long-term well-being. The Republicans in the House of Representatives get that. The draft… -
opinion
Bitter Fruit of Bidenomics: 2 Years of Inflation-Ravaged Wages for US Workers
Last week marked the two-year anniversary of declining real wages for ordinary American workers due to ongoing high inflation. The latest consumer price index, released last week, shows prices grew 20% faster than wages over the past 12 months. This sad anniversary is the result of President Joe Biden and congressional Democrats’ reckless spending that has diluted the value of… -
opinion
How Enormous Boost in IRS Funding Is Warping Tax Agency’s Priorities
The IRS released its strategic operating plan on April 6, describing its intentions for spending the nearly $80 billion of supplemental funding it’s receiving under the so-called Inflation Reduction Act. The report was 48 days late beyond the Feb. 17 deadline the IRS was given and only included funding and staffing details for two of…